Square boosts transaction speeds with new iOS app update

Square issued the latest version of its mobile payment application for Apple's (NASDAQ:AAPL) iOS, touting improved transaction speeds and a simplified checkout process.

Square 2.1 for iOS eliminates several transaction screens.

Square 2.1 for iOS eliminates several transaction screens, abbreviating the checkout process to as little as four seconds--in addition, the firm no longer requires signatures for transactions totaling less than $25. The revamped app also boasts an improved tipping interface and added support for items priced at $0.00, which is helpful for merchants looking to keep track of add-ons.

First introduced for the iPhone in late 2009, Square enables small businesses and other users to accept credit and debit purchases by swiping cards through a small dongle that plugs into the device's audio jack. Square charges a fee of 2.75 percent on each transaction, and promises users no contracts, monthly fees or hidden costs. Square now processes $4 million in mobile payments each day--Apple's iPhone generates 45 percent of all Square transactions, with the iPad yielding 21 percent and the iPod responsible for 3 percent. Android devices account for the remaining 31 percent.

Earlier this summer, Square completed a new venture financing round totaling $100 million, vaulting its valuation to more than $1 billion. Kleiner Perkins Caufield & Byers led the round, with participation from Tiger Global Management. In February 2011, Square closed a $27.5 million round led by Sequoia Capital.

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